Activision Blizzard Inc. (ATVI) Cut to Hold at Zacks Investment Research
Activision Blizzard Inc. (NASDAQ:ATVI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “ACTIVISION BLIZZARD, INC. is a worldwide pure-play online and console game publisher with leading market positions across all categories of the rapidly growing interactive entertainment software industry. Activision Blizzard’s portfolio includes best-selling video games such as Guitar Hero, Call of Duty, and Tony Hawk, as well as Spider-Man, X-Men, Shrek, James Bond and TRANSFORMERS, leading franchises such as Crash Bandicoot and Spyro and Blizzard Entertainment’s StarCraft, Diablo, and Warcraft franchises including the global number one subscription-based massively multi-player online role-playing game, World of Warcraft. Activision Blizzard maintains operations in the U.S., Canada, the United Kingdom, France, Germany, Ireland, Italy, Sweden, Spain, Norway, Denmark, the Netherlands, Romania, Australia, Chile, India, Japan, China, the region of Taiwan and South Korea. “
Several other equities analysts have also recently commented on ATVI. Vetr cut shares of Activision Blizzard from a “buy” rating to a “hold” rating and set a $40.36 target price on the stock. in a research note on Tuesday, May 24th. Macquarie reissued an “outperform” rating and set a $40.00 target price (up previously from $36.00) on shares of Activision Blizzard in a research note on Thursday, May 26th. Robert W. Baird reissued a “buy” rating on shares of Activision Blizzard in a research note on Thursday, May 26th. Pacific Crest initiated coverage on shares of Activision Blizzard in a research note on Friday, May 27th. They set an “overweight” rating and a $43.00 target price on the stock. Finally, Cowen and Company reissued a “buy” rating on shares of Activision Blizzard in a research note on Saturday, June 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $43.42.
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Shares of Activision Blizzard (NASDAQ:ATVI) traded up 0.02% during trading on Tuesday, hitting $44.13. 6,055,479 shares of the company traded hands. The firm has a 50 day moving average price of $41.61 and a 200-day moving average price of $38.01. The stock has a market cap of $32.72 billion, a price-to-earnings ratio of 44.44 and a beta of 1.02. Activision Blizzard has a one year low of $26.49 and a one year high of $44.84.
Activision Blizzard (NASDAQ:ATVI) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.03. The firm had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.44 billion. Activision Blizzard had a net margin of 13.95% and a return on equity of 14.49%. Activision Blizzard’s quarterly revenue was up 112.0% compared to the same quarter last year. During the same period last year, the firm posted $0.13 EPS. Analysts predict that Activision Blizzard will post $1.97 EPS for the current year.
In related news, COO Thomas Tippl sold 44,427 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $41.83, for a total transaction of $1,858,381.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Riccardo Zacconi sold 19,761 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $40.65, for a total transaction of $803,284.65. Following the sale, the chief executive officer now owns 97,177 shares of the company’s stock, valued at $3,950,245.05. The disclosure for this sale can be found here. Corporate insiders own 25.23% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. FMR LLC boosted its stake in Activision Blizzard by 88.7% in the second quarter. FMR LLC now owns 105,342,767 shares of the company’s stock valued at $4,174,735,000 after buying an additional 49,511,148 shares in the last quarter. Lone Pine Capital LLC acquired a new stake in Activision Blizzard during the second quarter worth about $407,916,000. Ameriprise Financial Inc. boosted its stake in Activision Blizzard by 45.0% in the second quarter. Ameriprise Financial Inc. now owns 30,276,592 shares of the company’s stock worth $1,199,862,000 after buying an additional 9,390,129 shares during the period. Davis Selected Advisers acquired a new stake in Activision Blizzard during the second quarter worth about $278,503,000. Finally, Winslow Capital Management LLC acquired a new stake in Activision Blizzard during the second quarter worth about $258,954,000. Institutional investors and hedge funds own 83.91% of the company’s stock.
About Activision Blizzard
Activision Blizzard, Inc is a developer and publisher of online, personal computer (PC), video game console, handheld, mobile and tablet games. The Company operates through Activision Publishing, Inc (Activision) and its subsidiaries, Blizzard Entertainment, Inc (Blizzard) and its subsidiaries, and Other segments.
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